Model Insurer Asia Case Studies of Effective Technology Usage in Insurance:

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1 Model Insurer Asia Case Studies of Effective Technology Usage in Insurance: OVERVIEW Every year, Celent recognizes excellence in insurance technology in the Asia-Pacific region through our Model Insurer Asia Awards. The Model Insurer Asia Awards are designed to try to answer the deceptively simple question: What would it look like for an insurer to do everything right with today's technology? The Model Insurer Asia Awards recognize insurers effective use of technology in specific areas. Model Insurers have implemented IT programs that epitomize best practices for technology projects and stand out in each of the Model Insurer themes including: Core and Legacy System Transformation. Data Mastery and Analytics. Digital. Innovation. Noncore System Implementation Best Practices. In general, they represent the way things should be done.

2 Model Insurer Asia Components: 2014 Ageas Insurance Company (Asia) Limited: Developing Financial Need Analysis app for ipad to increase agents productivity and move sales to a customer need-based approach. Apollo Munich Health Insurance: Developing a data warehouse and business intelligence solution to provide clean data, as well as a speedy and dynamic report generation tool enabling business users to take informed decisions. AXA Asia: Consolidating core system and peripherals across the region to support the company s rapid growth aspirations, and providing the foundation for implementing the unified digital front end and process engine. Birla Sun Life Insurance: Defining digital framework and implementing some important digital initiatives aimed to shift customer servicing requests to digital channels. Birla Sun Life Insurance: Introducing an automated testing tool, reducing execution time and increasing accuracy. BOC Group Life Assurance: Implementing a life insurance product engine to reduce time to market and to standardize product design, development, and deployment processes. Cathay Century Insurance: Developing mobile applications that help drivers dealing with car accidents to enhance customer satisfaction and promote corporate image. DHFL Pramerica Life Insurance Company Ltd. (DPLI): Integrating with National e-governance Plan agency s platform to manage customer acquisition and service delivery in rural market in a cost efficient manner. L&T General Insurance Company Ltd.: Developing a hybrid model point-of-sale system that enables vehicle dealers to issue policy instantly at dealers premises at any point in time. Max Bupa Health Insurance Company Ltd.: Increasing efficiency with a new a business process automation solution. Max Life Insurance Co. Ltd.: Implementing a digitally enabled distribution support and management system to increase advisor engagement and productivity. MetLife Alico Life Insurance K.K.: Integrating an actuarial and asset liability management modeling system to improve consistency, efficiency, speed, and productivity. MetLife Global Technology & Operations Asia: Implementing an operating system-agnostic mobile application platform that provides a full suite of insurance servicing capabilities to customers in real time. RAA: Migrating to a new system with improved usability, efficiency, and productivity. Royal Sundaram Alliance Insurance Company Ltd.: Developing an intelligent claims management system to handle motor own damage claims, to improve the productivity of the claim staff and increase customer satisfaction. Tokio Marine & Nichido Fire Insurance Co., Ltd.: Developing a technology enabled health insurance product to explore new opportunities in healthcare business. Union Assurance PLC: Introducing a laptop and tablet supported quotation and proposal toolkit for agents, to increase productivity and transform to a digitalized sales process. Yingda Taihe Property Insurance Co., Ltd.: Implementing a mobile auto insurance damage investigation system to optimize claims process and improve risk control. Model Insurer of the Year, Asia Max Bupa Health Insurance Company Ltd.: Increasing efficiency with a new business process automation solution.

3 Model Insurer Asia Components: 2013 AEGON-CNOOC Life Insurance: Implementing a BPM system integrated with core policy admin system and image/workflow system to provide a single entry solution on workflow and data input for all policy administration activities. Agriculture Insurance Company of India: Implementing a web-based, integrated, online systems solution to reach the last mile farmer at an affordable cost, and to automate the operational and administrative processes to optimize resources and minimize costs. AIG Asia-Pacific: Implementing a distribution-focused policy fulfillment platform supporting the SME market segment. Birla Sun Life Insurance: Introducing a process performance management framework to improve end users experience of service delivery. HDFC Standard Life Insurance: Designing and developing a system which can be used at the point of sale to realize real time underwriting. HDFC Standard Life Insurance: Implementing a portal to allow customers to buy policies online. HNB Assurance: Implementing a claims management system that includes a customer relations center component and mobile component and automates the entire claim process for motor insurance. IndiaFirst Life Insurance: Implementing a mobile initiative that empowers the sales force, automates the entire sales process, and further facilitates customer service. MetLife Global Technology & Operations Asia: Implementing an operating system-agnostic mobile application platform that provides full-scale end-to-end sales resources to multiple distribution channels in real time. Mitsui Sumitomo Insurance: Rapidly implementing a cloud-based Global Information Platform to facilitate prompt claim payment after a disaster. Partners Life: Rapidly implementing a modern policy administration platform to support the launch of its new business. Prudential Life Insurance Company of Korea: Introducing an ipad application to streamline distribution. Royal Sundaram Alliance Insurance: Implementing a standard interface and enabling partners to access configurable web services for online policy issuance. Shanghai Insurance Association: Implementing an insurance information exchange platform for auto insurance to regulate the market and improve industry s risk management. Tata AIG General insurance: Implementing a mobile application digitizing onsite enrollment and claims information gathering for cattle insurance to reach out to the rural sector cost-effectively. Yingda Taihe Property Insurance: Implementing a claim service platform to automate claim processing for all property and casualty lines of business. Zurich Insurance: Implementing a business transformation solution across four regions which allowed development, sharing, reuse, and support of market components and processes around the world. Model Insurer of the Year, Asia HDFC Standard Life Insurance: Designing and developing a system which can be used at the point of sale to realize real time underwriting.

4 Model Insurer Asia Components: 2012 AIA Australia (Australia): Implementing a rules-driven, STP platform creating a simple and easy-to-use life insurance online application tool tailored for the group insurance market. Baoviet Holdings (Vietnam): Implementing a modern policy admin IT platform and shifting the business model from a decentralised federation of branches into single, state of the art Centralised Operation Centre delivering best practice and cost efficiencies from the Headquarters. Calliden Group Limited (Australia): Effectively managing IT, driving successful conversion from three legacy systems to a completely new IT platform architected around an innovative, online rating engine. China Continent P&C Insurance Co. (China): Implementing a motor underwriting system by integrating BPM with content management, business intelligence solution, and rules engine to improve operational efficiency as well as enhance risk management. HDFC Standard Life Insurance Co. Ltd. (India): Implementing a system to increase persistency and provide support to intermediaries and support staff to retain customers and collect premium in a more seamless fashion. Huatai Life Insurance Company Ltd. (China): Implementing a rules management platform to realize automatic underwriting and positioning for reuse in automatic claims and commission calculation. IndiaFirst Life Insurance Company Ltd (India): Establishing an interactive and intuitive self-service digital channel to support pre-sale, sale, and post-sale service to customers. JLT Reinsurance Brokers Limited: Effectively implementing a Dynamic Financial Analysis solution to enable successful business expansion. Lifenet Insurance Company (Japan): Implementing an online cloud-based life insurance application system enabling direct sales of life insurance products to customers via Internet. Macquarie Life (Australia): Implementing a rules-driven STP platform facilitating time to market of innovative products and expending distribution channel. New India Assurance Co. Ltd. (India): Consolidating systems into one core platform to support companywide standards and improve services to both customers and distribution channels. PICC Health Insurance Company Ltd. (China): Implementing a medical insurance platform to enhance automated claim processing and improve claim risk management. Prudential Life Insurance Company of Korea (Korea): Implementing a complete system modernization initiative to enhance functionality and flexibility. PT Prudential Life Assurance, Indonesia (Indonesia): Implementing a workflow automation initiative to enhance operational efficiency for new business and claims. Tata AIG General Insurance Company Ltd (India): Implementing a customer relationship management platform to synchronize multiple channels as well as increase cross-selling and up-selling opportunities. Tata AIG General Insurance Company Ltd (India): Increasing online sales by engaging various marketing activities to promote an STP online travel insurance platform containing products clearly targeting different customers. Union Assurance PLC (Sri Lanka): Externalizing product configuration, rating, and underwriting to achieve flexibility and reduce time to market.

5 Model Insurer Asia Components: 2011 Aioi Nissay dowa Insurance Company (Japan): Initiating a project for compulsory automobile liability insurance to improve service efficiency. Apollo Munich Health Insurance Company Ltd. (India): Implementing a workflow-enabled system that supports straightthrough processing of the whole health product lifecycle with integration to all back end systems. Aviva-COFCO Life Insurance Co., Ltd. (China): Implementing cloud computing technology to reduce cost and improve flexibility Mitsui Sumitomo Insurance Company: Initiating a project for compulsory automobile liability insurance to improve service efficiency. AXA China Region Insurance Company Limited (China): Implementing a web-based technology solution to enhance sales services and distribution capability and speed up product rollout. China Pacific Insurance (Group) Co., Limited (China): Implementing a centralized call center system across China to support life and P&C business needs. China Pacific Life Insurance Co., Ltd. (China): Rationalizing, standardizing, and integrating systems to enable a centralized, stable, reliable, and efficient technical platform. ClearView Wealth Limited (Australia): Implementing a web-based technology solution to enable the direct mail distribution channel, via call centre follow-up, to underwrite and issue policies without the need for external or manual intervention. Generali China Life Insurance Co., Ltd. (China): Implementing an integrated technology platform with a single sign-on to multiple systems. ICICI Prudential Life Insurance Company (India): Introducing a web-based system to process selected classes of Health Claims. IndiaFirst Life Insurance Company Limited (India): Investing in simple, cost-efficient, scalable, and proven IT systems to reduce costs and improve time to market. Insurance House Group Pty Ltd. (Australia): Implementing an all-in-one solution for the online direct and intermediated markets in Australia. Mitsui Sumitomo Insurance Company (Japan): Initiating a project for compulsory automobile liability insurance to improve service efficiency. Nextia Life Insurance Co., Ltd. (Japan): Implementing a real-time web-based policy application system including automatic underwriting and payment processing. Nipponkoa Insurance Company (Japan): Initiating a project for compulsory automobile liability insurance to improve service efficiency. PICC Health Insurance Company Limited (China): Implementing a social medical insurance connection platform to enhance automated claim processing and improve claim risk management. Real Insurance (Australia): Implementing social media as a channel to build relationships with customers and to manage new sales and policy servicing Reliance General Insurance Co. Ltd. (India): Implementing a motor insurance pre-inspection system using mobile technology linked to in-house systems, streamlining the underwriting of new business. Royal Sundaram Alliance Insurance Company Limited (India): Implementing a workflow-enabled policy administration system with externalized engines to support product configuration and business rules.

6 Sompo Japan Insurance Company (Japan): Initiating a project for compulsory automobile liability insurance to improve service efficiency. Tokio Marine & Nichido Fire Insurance Company (Japan): Initiating a project for compulsory automobile liability insurance to improve service efficiency. Transport Accident Commission (TAC), Victoria, Australia (Australia): Transforming the claims management process to a new recovery model with primary goals to improve return to work rates and durations, better manage common law claims, and improve client satisfaction. Wesfarmers General Insurance Limited (Australia): Implementing a multiproduct, multichannel model servicing the entire policy lifecycle.

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